Mass Student Loan Default

I dunno. Effectively being able to acquire no assets, being gradually bled financially your whole life, and passing nothing down to any children you might have sounds like just cause for revolution

you cant bleed a rock

I wouldn't say a revolution but rather a political vote toward more government involvement which will only amplify the problem more slowing down growth in the US like what has happened in the UK ever since the early 20th century.
The US will lose its superpower status as the UK did gradually as well if you vote in people like Sanders or someone similar

nigger you realize they don't pay it because they have no assets/job/future, correct?

Tell that to Greece and Europe's reluctance to let them default on their debt to German and French banks

You realize you can't afford it to write it off as a liability being the agency that provided the loans right?

You can just choose not to go to an expensive college. I graduated with 5k, payed off in a year

Not really. You can't "default" on a student loan. They eventually garnish your wages for 15%.

Communist university retards with their $300k PhD in gender studies will just lose 15% of their Starbucks paycheck forever

I have little sympathy for people who take on debt, but the fact this is put on the backs of teenagers fresh out of high school while colleges suffer nothing is absurd - colleges should be on the hook for debt they allow students to take on, or at the very least share in it.

Its also why boomers will die when generational warfare reclaims the inheritance they stole from our grandparents via reverse mortgages. Social security consumes the millenial labor value and feeds it to boomers knowing full well we will never recieve a penny of it when the collapse comes. War is the great equalizer and profiteering and capitulating warfare is a deadly sin.

The company providing the loan should of course be held accountable as well, some risk should be at their end of course. But then you'll also have to accept higher interest rates for students on average.
The problem of student debt and not allowing them to default is even worse when government gets as involved as they do now.

The feds need to get out of the student loan game. Let lenders or colleges take the debt risk. This would force university consolidation, and lower enrollment of the stupid.

A hypothetical privatized student loan officer would have placement salary data by university degree plan. Maybe some idiot parent would co-sign the loan with a good net worth

That's the point - an 18- or 19-year old should have access to low interest rates as they have no credit history of buying power - it's like giving out heroin for free to make addicts out of people. Also, parents/guardians should have to co-sign and put their credit at risk.

should not have access to ....****

People who paid off their student loans without gibs will form terrorist groups.

Half the fun is trying to twist the rock around around so hard that it snaps.

In my country here now they have installed a loan system since 2015 where you can loan up to 1020 euros a month at currently 0 percent interest for a fixed period of 5 years after graduation because of the historically low interest rates in Europe now because of the ECB.
Everyone I know is loaning the maximum because you'll never ever get a loan like this ever again, most people don't use all of it and invest or put the money away so they can use it as startup capital for their future mortgage to have some of it theoretically already funded at an almost fixed 0 interest rate.
You'd be surprised how smart people are here with their money and the loan they take on

>Will this be the thing that triggers the real Happening?

I hope so

>implying that i’m Not self employed so they can’t garnish wages and I show low income on taxes

red pill, school is a scam

>You'd be surprised how smart people are here with their money and the loan they take on

You probably wouldn't be surprised how stupid lots and lots of American young people are with money, especially in regards to debt. We have a public education system but personal finance isn't taught there and it's not taught in college.

Personal finance isn't taught here either at all, it's mainly done by the parents of these university attending kids that are helping and guiding them as much as they can.

Of course there are students that spend it with frivolity but they should be able to get held accountable for their behaviour by having them have to pay it off in one way or another.

Ah parents. Another thing America has an overabundance of are single mothers, and growing up with a single mother is the greatest predictor of poverty we have, race included.

>mfw took 20k of student loans
>drank and partied with it, eventually dropped out of college
>worked odd jobs for the next 7 years mostly in construction, lied about my income
>all debt eventually got written off and I never paid back a single cent
Feels good man.

True, but most people attending colleges and universities even in the US don't come from broken homes or single parent households

like
says, you can't default on student loans unless you have zero income for the rest of your life. they just end up taking 15%. better to just do the IDR plan and go with that since it's only like 10-ish %

the only risk is if they package too much of this shit into securities like the 2008 housing crisis level stuff and banks domestically re-repackage it and sell it abroad fucking up entire countries again, etc.

A larger issue I have here in America is the total de-emphasis on trades and the notion that higher education is for everyone - as long as you can graduate from high school in the US, you can find a way to go to college and, if you choose, put yourself into debt, even when a large swath of students would be better served learning a trade, something that is free in high school in many, many states.

yep, but you have to have a doctor sign an affidavit saying you can't work for the rest of your life - you can't just randomly declare it. Not saying it's fair, just how it is.

They can't quintuple the prison population.
Let's meme this into being

>Not really. You can't "default" on a student loan. They eventually garnish your wages for 15%.

No. Garnishing 25% of your wages is what happens when you default on student loan debt.

>not allowing them to default

You default when you don't pay. They can't stop you from defaulting. What you're thinking of is "bankruptcy," where the delinquent debt is cleared.

Nah the studemt debt thing is worse and way better to trigger a crisis

what kind of a retard has a job where the govt can take 25% of your wages

>Imagine doing a bullshit study with no job prospects and the government agency that approved your loan sells it to a third party that will send collectors to your house and will drag you to court forever to squeeze every thing you own out of you

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Exactly, hence the OP. 25% of income in addition to taxes makes work pointless.

MY wages have been garnished for like 6 years I just told my boss to fire me and pay cash

They won't allow you to declare bankruptcy on it, they'll garnish your wages, and if that doesn't work, seize your property and auction it off for dirt cheap or make your relatives liable.

"Student loans" are a scam in which "students" are used as conduits to funnel money from the US government into universities. Specifically, into university endowments and administrator salaries. It's a huge fucking grift, and it needs to be ended one way or another. Unfortunately, Trump has fucked up by abandoning this issue. He talked about it during his campaign, but then he installed a literal billionaire as his education secretary in exchange for campaign donations. Thus leaving him vulnerable on this issue to Democrats.

Young, broke, misguided, horny and confused kids couldn't have been expected to understand any of this.

That's not stopping you from defaulting, though. It's just punishing you after the fact.

pretend money for pretend education
but the jew cut is all real

>They're just kids
Parents are also to blame for this but their is of course a huge responsibility you choose to take on you if you do apply for these loans even as an 18 year old.

Defaulted on student loans five years ago, here is what happens: it sits there and compounds, fucking your credit score and making your life fucking miserable in many, many ways. Anyone who thinks ANYTHING other than this will happen, even if every single person in the country defaults, is delusional.
t. LOAND.COM

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Nope.
But in any case, this thing has much better potential to cause unrest and we need to meme a "can't jail 5 million students" movement, to push it along.

Gee maybe we should restrict student loan borrowing and maybe require a certain GPA for more loans. Maybe limit loans based on major instead of oh just anything.

Yes but what if several million s o ys and dykes default simultaneously as part or a retarded utopian socialist wave?
Remember, for now people are still paying, with few exceptions

(((They))) will start doing generational loans

Where debt passes from parent to kid to grandkid etc

(((They))) will sell it that college is an investment in your lineages future

Excellent post

(((They))) already try to do this, albeit indirectly. Basically, the debt collectors get first dibs on inheritance. And if you inherit a house with a lien on it... well... that's YOUR lien now.

A lot of the collections systems for defaulted loans are automatic. As soon as a judge signs an order, all kinds of electronic measures can be used to garnish/confiscate "on the grid" financial assets. That includes liens on property. So unless all those defaulters are living at home and not drawing much wage income, they'll be making a sacrifice.

and to think we fought off the most powerful empire the world has ever seen over tea and stamp taxes, look at us now

Everyone's fucked and living at home with $36.12 or so on their chequings account. I'm talking over a third of this god-forsaken generation (look at participation and underemployment, not just unemployment).
Shit's FUCKED, that's why the student debt scheme looks so likely to go wrong. A huge number of people are right at that point of switching from constructive to desperate behavior and decision-making in their lives.

Funny. Imagine being that sucker. You have to pay off your loans ALONG with Ashleigh's and Harper's.

Who's the smart ones now?
>College cucks
=

Wage garnishment.

Why would they? They did jack shit when millionaire bankers got bailed out with tax money, after all. And that's a lot more morally-offensive than any proposed student loan relief measures.

Checked.
They're naive paycucks, so def they won't do shit

We are older, meaner, and more resourceful than we were ten years ago.

Parent plus loans my dude

>Make a society where you are pretty much obliged to have education
>Prevalence of education lowers the value of it, but education stays a must as a new normal
>Prices of education keep rising because there is pretty much no alternative even when you are taught wymynz styrdies
>WHY CANT KIDS JUST FEED THEMSELVES THESE DAYS? IN MY YOUTH I ALREADY HAD A HOUSE AT 23 AND I WAS A HUMBLE ELECTRICIAN, LEARN SOME WORK ETHICS YOU UNGRATEFUL MILLENIALS
the grave murkan population digs for itself goes already so deep i wonder if trump wants tariff war with china just so they can negotiate emerging on their territory in a few years

>make your relatives liable.
Literally can't do that in the US unless they consigned for your loans.

Good post

>tell people don't worry about the cost of school
>oh no take out loans 30K a year is nothing, you'll be making 80-100K right out of school
>students take massive loans
>graduate can't get job paying anywhere near even 50K
>hey you may only make 30K but pay off these loans goy

there is no company providing the loan. to hide how bad the 2008 recession was Obama and the Dems passed legislation to make the federal government the first line lender of all student loans and they'd give loans to anyone without a care regarding future repayment. people who were out of work and couldn't find a job were encouraged to 'go back to school get a degree' and many of them did just to survive because they couldn't find other work. so those people and tons of young ass retard students who knew nothing of the world maxed out student loans to survive and now we're in a cluster fuck of a problem because all those high paying jobs college advisors told them would be waiting, well they don't fucking exist for the most part.

How's College not a money laundering scheme?